Countries are concerned about small changes in their average annual growth rates in per capita income because
A. the faster a country grows today, the less it will be able to consume in the future.
B. growth rates are a factor in U.N. participation.
C. growth rates tend to decline over time.
D. the power of compounding means small changes have large effects over time.
Answer: D
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Sam Lewis owns a firm in New York City's garment district. If Sam keeps adding workers to use the same number of sewing machines, eventually the workplace will become so crowded that workers will get in each other's way. At this point
A) Sam should begin using a division of labor in his business. B) Sam's business will be in violation of safety rules that have been established by the New York City government. C) the marginal product of labor in Sam's business would be negative and his total output would decrease. D) Sam should encourage his workers to share their sewing machines.
Other things being constant, the only way to move along a given supply curve for a product is for
A) the product's relative price to change. B) the future relative price of related goods to change. C) the number of sellers to change. D) technological changes to occur.
If a competitive firm cannot earn profit at any level of output during a given short-run period, then which of the following is LEAST likely to occur?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.
Open market operations involve each of the following except
A. the National Debt. B. interest rates. C. the President. D. the Board of Governors.